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Malaysian banking giant CIMB is collaborating with blockchain startup Ripple to enable instant cross-border payments across CIMB’s markets.
With this collaboration, CIMB has become the latest financial institution to join RippleNet, Ripple’s enterprise blockchain network which counts more than 100 banks and financial institutions among its members.
Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend, which allows customers to send and receive money with direct account crediting and instant cash collection. The integration will expand SpeedSend network and open new payment corridors to improve consumer access to international remittances, both inbound into ASEAN and outbound to other countries.
“The solution is now live on Speedsend, enabling remittances via corridors such as Australia (in partnership with InstaReM, also a member of RippleNet), USA, UK and Hong Kong,” the official release stated.
Ripple CEO Brad Garlinghouse said that CIMB’s network spans 15 countries, nearly 800 branches and offers Speedsend, which he described as “one of the best solutions in the ASEAN region.”
“Now, by integrating Ripple’s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently. With its focus on innovation, CIMB will continue to be a dominant force in the region for years to come,” Garlinghouse added.
As part of this partnership, CIMB intends to extend the solution to other use cases across the Group.
“This innovative blockchain solution will revolutionize international cross-border remittances, and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN,” said Tengku Dato’ Sri Zafrul Aziz, CEO, CIMB Group.
